Brent rises 6 cents, WTI declines slightly

US crude oil prices were up early in the day but dropped later after investors seemed not to be bothered by comments from Iran’s chief negotiator which reiterated that nation’s intentions to make nuclear fuel.  He said that Iran is interested in negotiations and blamed the US for trying to prevent such talks from going on.

September contracts for Brent crude were up, but only by 6 cents to $73.96 per barrel in London.  Meanwhile, West Texas Intermediate Crude for August delivery was 11 cents lower to $72.55 per barrel on the New York Mercantile Exchange.  With August contracts due to expire at the end of the trading day, attention turned to September WTI contracts, which dropped 17 cents to $74.60 per barrel.

Elsewhere, a Nymex analyst said that recent surges in crude oil prices have motivated more dealers to take out options protecting against oil prices going to $100 per barrel or higher.  The interest in such options, it was said, began about a year ago but had been growing in recent months.